Taiwan Largest Trading Partner
China is Taiwan’s largest trading partner with bilateral trade worth $273 billion last year. This is an estimated of 33% of Taiwan’s total trade with the rest of the world. After US House Speaker Nancy Pelosi visited Taiwan, China slapped a ban on thousands of Taiwanese food imports, from fruit and vegetables to cookies and baby food. On Wednesday, Beijing blocked imports of citrus and frozen hairtail and mackerel from Taiwan. The Chinese customs agency website showed products from at least 50 categories of imports including vegetables, cookies, cakes, drinks and fresh seafood were now listed as “suspended” on Tuesday. The list included items from top Taiwanese brands such as Taisun, A.G.V. Products, Wei Chuan Foods, Wei Lih Food and I-Mei Foods. An official from Taiwan’s Ministry of Economic Affairs told Nikkei that the ministry, the Council of Agriculture and other relevant departments are aware of the ban and are helping industry players “respond properly.”. Taiwan exported around $683 million worth of food, drinks and alcohol to China last year, according to data from the Finance Ministry. For the first half of this year, Taiwan’s food and drinks shipments were valued at $183 million, as virus lockdowns in Shanghai and other major cities sapped demand.
Taiwan world’s major chip supply
Taiwan, which produces half the world’s processor chips and has technology that China can’t match. Sales to Chinese factories rose 24.4% to $104.3 billion. However, China has not disrupted the flow of chips and other industrial components, a dangerous step that would send shock waves through the shaky global economy. Taiwan plays an outsized role in the chip industry for an island of 24.5 million people, accounting for more than half the global supply. Its producers include Taiwan Semiconductor Manufacturing Corp. make the most advanced processors for smartphones, tablet computers, medical devices and other products. Beijing has invested billions of dollars in developing its own industry, which supplies low-end chips for autos and appliances but cannot support the latest smartphones, tablet computers, medical devices and other products. Chips are China’s biggest import at more than $400 billion a year, ahead of crude oil.
What is the impact on global supply chains
Traders and analysts are worried about an escalation in China-Taiwan tensions and their impact on the global supply chain and inflation outlook. Global markets tumbled Tuesday, with major stock indexes closing in the red and safe-haven currencies surging. On Wednesday morning, Asian markets rebounded a bit, but risk sentiment remains muted. “China’s response to Pelosi’s trip to Taiwan could have an impact on supply chains and demand, which could keep the inflationary pressures going strong,” said Edward Moya, senior market strategist for Oanda, on Wednesday. Global supply chains have already been rattled by the pandemic and the war in Ukraine. The World Bank said recently that many countries are experiencing double-digit inflation. Any conflict in Taiwan, which is key in supplying the world with semiconductors, could exacerbate the global chip shortage that has already strained the global auto industry. The Taiwan Strait is also an important shipping lane for vessels carrying goods between Asia and the West.
Taiwan Semiconductor Manufacturing Company is the world’s largest contract manufacturer of chips and plays a critical role in powering products designed by tech companies like Apple, Qualcomm and Nvidia. In an interview with CNN this week, TSMC chairman Mark Liu said a war between China and Taiwan would make everyone lose. “If you take military force or invasion, you will render TSMC factory not operable,” he said. TSMC is one of Asia’s most valuable companies, and accounts for 90% of the world’s super-advanced chips.
How did we find out about this information?
By using Trade Data Pro , we can see all the import and export data as well as buyers archives. Business owners can take this opportunity to search for all the suppliers affected in Taiwan by importing at better prices due to the over supply due to the export suspension by China. While business owners in Taiwan can source companies interested in exporting their products to counter this situation. Trade Data Pro‘s Buyers Archive has detailed contact information on business owners and trade history. This can enable companies looking for suppliers or buyers to get access to accurate and reliable data sources. Here are samples of Import Data and Export Data from Taiwan.
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